NY Bank Regulators May Bring New Virtual Currency Rules

Law360, New York (August 12, 2013, 1:56 PM EDT) -- New York's banking regulator on Monday said it is conducting an inquiry into whether new rules are necessary to prevent Bitcoin and other virtual currency exchangers from becoming a “Wild West” for narcotraffickers, gun runners and other criminals.

New York state has been among the most aggressive state regulators in virtual currencies. In its memo, the New York State Department of Financial Services said that if virtual currencies remain a lawless space for criminal elements, its emergence as a mainstream payment method would be threatened....
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